China Tightens Ties to Kuwait with Deal to Expand Solar Power

The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 
The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 
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China Tightens Ties to Kuwait with Deal to Expand Solar Power

The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 
The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 

China will help increase capacity at two solar projects in Kuwait, further boosting ties after the two countries agreed to develop a long-delayed strategic port.

The new “framework agreement,” reached after six months of negotiations, will see the expansion of the Al-Shagaya and Al-Abdiliya solar plants, Kuwait’s state-run KUNA news agency reported Monday.

The governments of both countries signed on Monday the framework agreement, which contains technical details on the joint cooperation on renewable energy.

The agreement came in line with the Kuwaiti leadership's directives to expand the implementation of grand projects signed with China.

Under the agreement, the Chinese side will build the renewable projects in two regions in Kuwait at a joint production capacity of 3,500 megawatts with a possible boost to 5,000 megawatts.

Last month, Kuwait and China signed an agreement to execute the Mubarak Al-Kabeer port.

In Beijing on Monday, the new “framework agreement” was signed by Kuwait's Undersecretary at the Ministry of Electricity and Water and renewable energy Dr Adel Al-Zamel and Ren Jingdong, Deputy Director of the Chinese National Energy Administration.

The signing ceremony was held at the headquarters of the National Energy Administration and it was attended by Kuwait Assistant Foreign Minister for Asia Affairs Ambassador Sameeh Johar Hayat who is also rapporteur of the high Kuwait-China Committee for agreements and MoUs execution. Also present were Kuwait Ambassador to China Jassem Al-Najem and other Kuwaiti and Chinese officials.

In comments to KUNA, Ambassador Hayat affirmed that the framework agreement came in line with the Kuwaiti leadership's directive concerning major joint projects. He said more details on grand projects signed with China would come into light soon including the agreement signed back in February to execute the Mubarak Al-Kabeer port.

He said that Chinese-Kuwaiti ties were witnessing huge leaps on several domains, reflecting the strong and robust relations linking the two countries.

For his part, Al-Zamel spoke about the framework agreement, revealing that it came after six months of negotiations. It resulted in setting a plan, supervised by the Chinese side, for the third and fourth zones of Al-Shagaya and Al-Abdiliya renewable projects as well at a joint production capacity of 3,500 megawatts with a possible boost to 5,000 megawatts.

Kuwait and China will celebrate on March 22, the 54th anniversary of establishing diplomatic relations, which began back in 1971.

 

 



Israel's Shekel and Bonds Slide as Gaza Ceasefire Buckles

New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo
New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo
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Israel's Shekel and Bonds Slide as Gaza Ceasefire Buckles

New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo
New Israeli Shekel banknotes are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File photo

Israel's currency fell alongside its bonds and stock market on Tuesday as a wave of deadly airstrikes by its military in Gaza threatened the complete collapse of an already fragile two-month ceasefire with Hamas.

Concerns about both the humanitarian and economic costs of a return to intense fighting spiked as Israel's resumption of bombing of Gaza, which it said was a "preemptive offensive" to try to force the release of its remaining hostages, prompted anger from Hamas.

Israel's shekel dropped as much as half a percent against both the dollar and euro, while many of its government bonds, which suffered a wave of rating downgrades last year due to the war, had their biggest falls in over a month, Reuters reported.

Ronen Menachem, chief markets economist at Mizrahi Tefahot Bank, said a resumption in the conflict could see further falls in the shekel and a renewed rise in Israel’s bond market risk premium.

"The market will react based on whether this is perceived as a defined and limited operation or the opening of a broader campaign," he said.

Israel's Prime Minister Benjamin Netanyahu said he had instructed the military to take Tuesday's "strong action" in response to Hamas's refusal to release the remaining 59 hostages it holds following its October 7, 2023 attacks and its rejection of other ceasefire proposals.

The Palestinian militant group accused Netanyahu of breaching the ceasefire deal and jeopardizing efforts by mediators to secure a permanent truce.

Negotiating teams from Israel and Hamas had been in Doha as mediators from Egypt and Qatar sought to bridge the gap between the two sides after the end of an initial phase in the ceasefire, in which 33 Israeli hostages and five Thais were released in exchange for some 2,000 Palestinian prisoners.